A (Slightly Biased) Comparison of Financial Frameworks and How the Business Metamorphosis® Model Can Help.
As the accounting profession continues to evolve, the role of the accountant is expanding beyond traditional compliance work into more strategic advisory services. Yet, despite the growing demand, many firms find themselves hitting a wall when it comes to successfully implementing advisory services.
Why?
Because, as any firm owner will tell you, “empowering people to do advisory work is the number one pain point for accounting firms right now”. And yes, while I might be a tad biased because this is my life’s work, I believe the “Business Metamorphosis® Model” provides the comprehensive solution we’ve been looking for.
The Challenges: Why Are We Struggling with Advisory?
1. Empowering our Accountants to Do Advisory Work
Let’s address the biggest issue first: getting our accountants comfortable with doing advisory work. It’s not just about boosting their confidence; the real challenge is getting them to deliver advisory services in a way that aligns with the partner’s approach and the firm’s processes.
Without a consistent framework, what you often get is a mismatch in styles and a lack of coherence, leaving partners frustrated and accountants unsure and uncomfortable.
2. Systematising and Documenting Advisory Processes
Here’s a paradox: accountants are fantastic at following processes once they’re in place, but many struggle to systematise and document their own advisory processes.
The lack of a clear, unified approach means that advisory services can end up being inconsistent, ad hoc, and difficult to scale across the firm.
3. Offloading Compliance Work to Focus on Advisory
Many firms are looking to offload more compliance and tax work to offshore or outsourced teams, with the aim of freeing up their onshore staff to focus on advisory services. However, this shift isn’t easy. To make it work, firms need a structured approach that enables their accountants to step into advisory roles effectively and confidently.
4. Aligning Staff with the Firm’s Advisory Approach
Even when accountants are ready to take on advisory work, there’s often a disconnect between their approach and that of the partners. The key challenge is ensuring that staff not only do the work but do it in a way that is consistent with the partner’s style and the firm’s overall approach. Without the right structure, process, and training, this alignment is difficult to achieve.
How the Business Metamorphosis® Model Solves These Issues
Here’s where my (admittedly biased) perspective comes in: the “Business Metamorphosis® Model” offers a comprehensive framework that addresses these challenges head-on. It’s not just another tool; it’s a firm-wide strategy that empowers accountants, aligns processes, and enables consistent delivery of advisory services.
1. A Unified, High-Level Conceptual Framework
The Business Metamorphosis® Model isn’t just for individual advisors; it’s a firm-wide framework that brings everyone onto the same page. By adopting this model across the entire practice, you ensure that every team member—from the seasoned partner to the fresh-faced junior—understands the process and their role within it. This alignment is crucial for empowering accountants to confidently take on advisory work that aligns with the partner’s approach and the firm’s standards.
2. Structured Process: Discover, Dig, Deliver
The model provides a structured, step-by-step process —Discover, Dig, and Deliver — that helps accountants systematise and document their advisory services. This structure not only makes it easier for accountants to step into advisory roles but also ensures that the services they deliver are consistent with the firm’s approach. By following this process, firms can create a repeatable advisory framework that everyone can follow.
3. Consistency Through the Caterpillar, Chrysalis, Butterfly Phases
This model’s three phases— Caterpillar, Chrysalis, and Butterfly — guide clients through a systematic transformation, ensuring that advisory services aren’t just reactive but part of a well-planned strategy. By following this process, your firm can offer consistent, high-quality advisory services that address every aspect of a client’s business, from survival to growth and maturity.
4. Enabling Accountants to Focus on Advisory
As firms increasingly look to offload compliance work to offshore teams, the Business Metamorphosis® Model provides the structure needed to enable accountants to focus more on advisory services. With a clear framework to follow, staff can step into these roles with confidence, knowing they’re supported by a process that aligns with the firm’s overall strategy.
5. Aligning with the Partner’s Style and the Firm’s Approach
One of the most significant advantages of the Business Metamorphosis® Model is its ability to align staff with the partner’s style and the firm’s overall approach. The structured process ensures that everyone is on the same page, reducing the disconnect between how accountants and partners deliver advisory services. This alignment is key to creating a cohesive advisory offering that delivers exceptional client experience and one that can be relied on.
Comparing to Other Financial Frameworks: A Biased Yet Fair Assessment
In the spirit of fairness (and because I promised not to be too pushy), let’s see how the Business Metamorphosis® Model stacks up against other well-known financial frameworks:
Profit First by Mike Michalowicz
“Profit First” is great for ensuring financial health by prioritising profit before expenses. However, while it’s an effective system for managing cash flow, it doesn’t address the broader strategic challenges that businesses face. The Business Metamorphosis® Model, by contrast, integrates financial management into a holistic strategy that covers every phase of business transformation.
The E-Myth by Michael Gerber
“The E-Myth” is all about systematisation and freeing business owners from the daily grind. It’s a fantastic approach for building scalable businesses, but it doesn’t cover the full scope of financial, strategic, and operational transformation. The Business Metamorphosis® Model goes further, guiding businesses through every stage of growth, from the chaotic early days (Caterpillar) to mature, strategic operations (Butterfly).
Balanced Scorecard by Kaplan and Norton
The “Balanced Scorecard” is a robust tool for measuring and managing performance across multiple dimensions. It’s great for tracking progress but lacks the specific, actionable processes that the Business Metamorphosis® Model provides. While the Balanced Scorecard tells you what to measure, the Business Metamorphosis® Model shows you how to achieve those metrics through a complete advisory process.
Lean Startup by Eric Ries
“Lean Startup” is fantastic for innovation and rapid iteration, especially in the early stages of a business. However, it’s more focused on product development and market validation than on comprehensive business transformation. The Business Metamorphosis® Model encompasses these elements within a broader framework that ensures businesses not only survive but thrive through every stage of growth.
A Slightly Biased, But Hopefully Insightful, Perspective:
So there you have it—my (slightly biased) take on why the Business Metamorphosis® Model could be the missing piece in your firm’s advisory puzzle. While each of the other financial frameworks has its strengths, the Business Metamorphosis® Model offers a holistic, structured approach that addresses the core challenges we face as accountants.
By adopting this model, you can unify your firm’s approach to advisory services, empower your teams, and build the confidence needed to deliver consistent, high-quality solutions that drive real business transformation.
With the right structure, process, and training, you can ensure that your accountants are not only comfortable with advisory work but are doing it in a way that aligns perfectly with the partner’s style and the firm’s approach. And let’s be honest—who wouldn’t want to solve that number one pain point once and for all?
If you’re ready to dive in and start transforming your firm’s approach to advisory, you can get started straight away by grabbing a copy of my book, Accounting Revolution. It’s packed with insights and practical advice that will guide you through implementing the Business Metamorphosis® Model and revolutionising your practice.